Macau gaming operator MGM China announced today that its net revenues decreased by 94 percent year-on-year to US$47 million in the third quarter.
The US company announced the figure in a statement to the Hong Kong Stock Exchange this morning.
The gaming operator, which owns two casino-hotel resorts in Macau, also said that its adjusted property EBITDAR recorded a loss of US$96 million in the third quarter.
Earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) measures a company's financial performance.
Main floor tables games win and VIP table games win declined by 95 percent.
Total revenue amounted to HK$363 million in the third quarter, a year-on-year decrease of 93.7 percent. Total revenue in the first nine months of the year stood at HK$2.73 billion, down by 83.9 percent year-on-year.
A press release following the statement said that the company's total third-quarter revenue rose 41 percent quarter-to-quarter.
"While logistical hurdles and nucleic acid testing requirements continued to impact visitation levels, the market has been steadily improving, indicating a gradual recovery pace," the press release said, adding that, however, Macau's gaming market was still under the severe impact of the COVID-19 pandemic in the third quarter..., the city and our properties continued to experience low visitation levels primarily driven by various travel restrictions and quarantine measures."
The press released quoted Hubert Wang Ziqi, president and COO of MGM China, as saying: "We expect the rate of recovery will continue to be gradual, driven by the premium mass market."
"We will continue to invest in strengthening our market position, and continue to believe in the long-term success of Macau, Wang said.
